Overview

A borrower may have multiple loans running concurrently with a lending institution. The Consolidated Loan Payment option can be used in such cases to make a single loan payment transaction across multiple loans. This primarily saves the effort of creating individual payment transactions on each loan contract.

 The consolidated payment transaction is created from the Contact's details page. A consolidated transaction can be identified through the transaction ID that starts with a different set of characters (typically CLPT) than the normal loan payment transaction (typically LPT). You can associate the respective bill generated on each borrower contract to the consolidated payment transaction to satisfy the bill. The list of consolidated transactions made for a borrower are maintained in the borrower's details page. 

Make a consolidated loan payment

Prerequisites

• The customer is making loan payments.
• The customer has a good loan repayment history.

Steps

1. Log in to your Salesforce account.

2. Click CL Contracts.

3. Select the required CL Contract ID.

4. Go to Consolidated Loan Payment. 

   Note:

   You must scroll down the Contact page, to find Consolidated Loan Payment.

5. Select New Consolidated Loan Payment.

6. Enter the Date.

7. Enter the Applied Amount under Loans. The Applied Amount is added to Amount. 

8. Select the required Payment Mode.

9. Click Validate.The validation message stating 'The total amount has been adjusted to sum of all individual payments' is displayed. 

10. Click Save.

Field reference